Auditing and Assurance Services in Pakistan
Professional Accounting Services (paservices) auditing & assurance department through its expert auditors are responsible for preparing and presenting accurate and relevant financial information to the stakeholders. Additionally, they provide the services of performance audit in Pakistan management audit, internal audit in Pakistan,forensic audit in Pakistan cost audit in Pakistan inPakistan covering all cities Peshawar, Lahore, Islamabad, Karachi,Faislabad,and Rawalpindi.The network of Professional Accounting Services (paservices) auditing and assurance services is not limited to statutory audits but, also they have the potential to verify the reports including business plans, financial projections, net worth, and settlements. As these may be required by the parties managing the risk assessments. Also, Professional Accounting Services (paservices) provides assurance services to implement qualitative checks and documentation.
Statutory Audit for the company’s registered
Financial Audit is the process of verification of the financial data and reporting. This audit is applicable to the financial affairs of a company for the shareholders and regulators. Also, a financial audit is a statutory requirement, so, every company has to get conducted a financial audit of its financial statements. Hence, organizations will be able to engage a qualified auditor to conduct the audit and issue an audit report.Also, Professional Accounting Services (paservices) conducts audits and issue audit reports for all companies under the prudential regulations. Auditing and Assurance Services in Pakistan Professional Accounting Services (paservices), being a CMA firm, is authorized to conduct audits of all entities.
Statutory Audit Service by Ensuring
- Financial statements are prepared in accordance with local and International Financial Reporting Standards (IFRS’s).
- Overall ensure the transparency of financial results as Paservices is delivering more transparent financial information for shareholders and regulators.
- Present accurate financial statements duly supported by documentary evidence.
Forensic audit deals with matters related to frauds, misappropriations, embezzlements or other financial and non-financial crimes. it helps to trace the crimes that are not traceable from the available documentary evidence of an entity. So, auditors need to go beyond the documentary evidence and have to investigate related events, the occurrence of transactions and procedural lapses. Therefore, this prefers some practical steps to gather evidence relevant to the alleged fraudulent activity. Hence, evidence will be helpful to identify and quantify the monetary amount of the fraud (i.e. the financial loss suffered by the entity) and to ultimately present findings. Thus, to implement the Forensic audit, auditors must have an in-depth knowledge of the related field and have strong vigilance to detect irregularity or frauds. Auditing and Assurance Services in Lahore Professional Accounting Services (paservices), being the best audit company, possess the expertise, qualified, and experienced professionals to conduct a forensic audit in Pakistan.
Cost audit is a detailed analysis, review, and report on each production process & cost components to measure the performance and efficiency of entities. Also, a certain class of companies may have to maintain and prepare cost records as per the requirements of section 220 of the Companies Act, 2017.Therefore, Professional Accounting Services (paservices) possesses qualified and authorized professionals to conduct cost audit in , Faislabad, Islamabad and Lahore. So companies can avail their services to manage product costing and to improve the production processes, as per section 250 of the Companies Act 2017. Moreover, Professional Accounting Services (paservices) conducts audits as per guidelines and cost audit rules issued by the Securities and Exchange Commission of Pakistan and issues reports.
Statutory and external audit are post-event audits that are not preventive to any real-time risks which any organization may face. Therefore, the need for internal audit function arises as it will be able to keep eye on the events and transactions on a real time basis. Thus, organizations can avoid any risk of irregularities or non-compliance to the policies or procedures. So, entities need to establish internal audit function as per best practices and rules of good corporate governance. Furthermore, internal audits can help to protect and create value so an entity can build a sustainable business by implementing risk resilient and risk ready tactics. Plus, outsourcing ensures the independence of the internal audit function. Professional Accounting Services (paservices) is providing the internal audit services in Peshawar,Islamabad, Rawalpindi, and Karachi.
Assurance and related services
Management of entities and external parties require assurance and advisory services for the statements presented to the concerned parties. Professional Accounting Services (paservices) helps its clients to uphold ‘trust’ by assuring the accuracy and completeness of the information. Also, add value beyond the financial statement audit. As, they provide assurance over other business value drivers such as governance, risk, internal controls, and KPIs. Furthermore, assurance experts at Auditing Services in Pakistan Professional Accounting Services (paservices) assist both public and private sector organizations to add credibility of reporting. Also, disclosures provided to stakeholders such as regulators, shareholders, shareholders, investors, customers/suppliers, and government bodies.
Identification of inefficiencies of all functions within the organization is necessary for the growth of the business. Therefore, performance audits help to identify and avoid inefficiencies. Professional Accounting Services (paservices) an audit firm in Pakistan possess a diverse background in conducting the performance audits. Also, their experts can identify the weak areas to suggest them the best measures for their improvement.
Efficacy of internal controls
- Efficacy and reliability of corporate reporting
- Regulatory reporting and compliance issues
- Reliance on key performance indicators
- Contractual arrangements